What is SHIBA INU (SHIB)?
Shiba Inu (SHIB), introduced in August 2020 by an anonymous entity known as 'Ryoshi', is a decentralized meme token that rapidly gained popularity and value. SHIB is an Ethereum-based ERC-20 token inspired by Dogecoin and the Shiba Inu dog breed, which has become a symbol in popular internet culture. Unlike traditional cryptocurrencies, SHIB was created as a 'meme coin' and gained momentum and value through social media and influencer endorsement. This has led to significant price volatility, making it a speculative investment for many.
The coin's ecosystem, known as ShibaSwap, provides a decentralized finance platform where users can trade, stake, and participate in liquidity pools using SHIB and other related tokens. Despite its origin as a meme, SHIB has garnered a strong community, known as the SHIBArmy, and has evolved to include various use cases such as NFTs, community-driven projects, and charitable contributions, demonstrating the evolving nature of digital currencies and community influence in the cryptocurrency world.